Top Genko invests 5m euros to modernise Famos Suceava

Top Genko Bucuresti company, part of Italy’s Genko group, is to invest over five million euros to retool Famos Suceava, a producer of medical equipment and instruments and will make the company to pay all its debts to AVAS, amounting to 718,316 RON. The State Asset Resolution Agency (AVAS) and Genko Bucuresti on Friday signed the contract by which the company takes over Famos Suceava, in a deal of above 6 million euros. The buyer has undertaken to make technological investments of over 5m euros in the next five years, environment investments of 54,000 euros within a year and to secure a working capital of over 250,000 euros within 60 days after the contract was signed. Negotiations between the state and Top Genko for the takeover of Famos Suceava lasted for more than six months, with this being the eighth attempt by AVAS to privatise the company. The stake put up for sale accounts for 98.7% in the company’s capital. Famos Suceava has a share capital of 61.5m RON. The other shareholders are SIF Moldova, with 0.57% in stock, and other legal entities, with 0.68%.